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Federal Aid

Federal Pell Grant

Assists low-income undergraduate students without a baccalaureate degree with the cost of tuition. Limited to 12 full time semesters of eligibility. This is a need-based grant that does not need to be repaid.Amount: Ranges from $400 to $5,730To Apply: Submit a FAFSA (Free Application for Federal Student Aid)

Federal Supplemental Education Opportunity Grant

Assists low-income undergraduate students without baccalaureate degrees. This is a need-based grant that does not need to be repaid.Amount:up to $300To Apply:Submit a FAFSA (Free Application for Federal Student Aid)

Federal Work Study

Provides part time employment at Brandman University or at specified community service organizations off-campus.Amount:Up to $3,000 for fall and spring trimesters (about 15 hours of work per week)To Apply:Submit a FAFSA (Free Application for Federal Student Aid) and contact your campus One Stop Specialist.

William D. Ford Federal Direct Loans

The U.S. Department of Education offers low-interest loans to eligible students to help cover the cost of college. There are three types of Federal Direct Loans for undergraduate students – subsidized, unsubsidized and Parent PLUS. Direct Loans are borrowed through the federal government and must be repaid.

What’s the difference between Direct Subsidized Loans and Unsubsidized Loans?

In short, Direct Subsidized Loans have slightly better terms to help out students with financial need.

Here’s a quick overview of Direct Subsidized Loans:

Direct Subsidized Loans are available to undergraduate students with financial need.

The amount may not exceed your financial need and is limited by your grade level in school

The U.S. Department of Education pays the interest on a Direct Subsidized Loan:

○ while you’re in school at least half-time,○ for the first six months after you leave school (referred to as a grace period*), and○ during a period of deferment (a postponement of loan payments).

*Note: If you receive a Direct Subsidized Loan that is first disbursed between July 1, 2012, and July 1, 2014, you will be responsible for paying any interest that accrues during your grace period. If you choose not to pay the interest that accrues during your grace period, the interest will be added to your principal balance.

Here’s a quick overview of Direct Unsubsidized Loans:

Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.

The amount you can borrow is based on your cost of attendance and other financial aid you receive.

You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.

If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).

How do I apply for a loan?

To apply for a Direct Loan, you must first complete and submit the Free Application for Federal Student Aid (FAFSASM). We will use the information from your FAFSA to determine how much student aid you are eligible to receive. Direct Loans are generally included as part of your financial aid package.

How much can I borrow?

Brandman determines the loan type(s), if any, and the actual loan amount you are eligible to receive each academic year. However, there are limits on the amount in subsidized and unsubsidized loans that you may be eligible to receive each academic year (annual loan limits) and the total amounts that you may borrow for undergraduate and graduate study (aggregate loan limits). The actual loan amount you are eligible to receive each academic year may be less than the annual loan limit. These limits vary depending on

what year you are in school and

whether you are a dependent or independent student.

If you are a dependent student whose parents are ineligible for a Direct PLUS Loan, you may be able to receive additional Direct Unsubsidized Loan funds.

If the total loan amount you receive over the course of your education reaches the aggregate loan limit, you are not eligible to receive additional loans. However, if you repay some of your loans to bring your outstanding loan debt below the aggregate loan limit, you could then borrow again, up to the amount of your remaining eligibility under the aggregate loan limit.

The following chart shows the annual and aggregate limits for subsidized and unsubsidized loans.

Year

Dependent Students (except students whose parents are unable to obtain PLUS Loans)

$10,500—No more than $4,500 of this amount may be in subsidized loans.

Third-Year and Beyond Undergraduate Annual Loan Limit

$7,500—No more than $5,500 of this amount may be in subsidized loans.

$12,500—No more than $5,500 of this amount may be in subsidized loans.

Subsidized and Unsubsidized Aggregate Loan Limit

$31,000—No more than $23,000 of this amount may be in subsidized loans.

$57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans.

$138,500 for graduate or professional students—No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.

Notes:

The aggregate loan limits include any Subsidized Federal Stafford Loans or Unsubsidized Federal Stafford Loans you may have previously received under the Federal Family Education Loan (FFEL) Program. As a result of legislation that took effect July 1, 2010, no further loans are being made under the FFEL Program.

What are the current interest rates?

Here are the interest rates for loans first disbursed between July 1, 2014, and June 30, 2015.

Undergraduate Students

Direct Subsidized Loans

4.66%

Direct Unsubsidized Loans

4.66%

Other than interest, is there a charge for this loan?

Yes, there is a 1.073% loan fee on all Direct Subsidized Loans and Direct Unsubsidized Loans. The loan fee will be proportionately deducted from each loan disbursement.

What additional steps must I take to receive my loan?

If it is your first time receiving a Direct Loan, you will be required to:

complete entrance counseling, a tool to ensure you understand your obligation to repay the loan; and

Here’s a Quick Overview of Direct Parent PLUS Loans

PLUS loans are federal loans that parents of dependent undergraduate students can use to help pay education expenses. The U.S. Department of Education makes Direct PLUS Loans to eligible borrowers through schools participating in the Direct Loan Program.

The U.S. Department of Education is the lender.

The borrower must not have an adverse credit history.

The maximum loan amount is the student’s cost of attendance (determined by the school) minus any other financial aid received.

If a parent borrower is unable to secure a PLUS loan, the undergraduate dependent student may be eligible for additional unsubsidized loans to help pay for his or her education.